Foxconn, the world’s leading contract electronics manufacturer, is set to report a 7% year-on-year rise in third-quarter profit, driven by strong demand for AI servers. The company, best known for assembling Apple‘s iPhones, posted its highest-ever quarterly revenue, with a 20% increase from the previous year, attributed to booming AI-related sales. Foxconn’s net profit for July-September is expected to reach T$46.3 billion, marking the fifth consecutive quarter of profit growth.
In addition to its positive financial performance, Foxconn continues to expand its operations globally. It is building the world’s largest manufacturing facility in Mexico, dedicated to bundling Nvidia’s GB200 superchips for next-generation computing platforms. The company’s optimistic outlook is reflected in record-breaking sales for October and expectations of further revenue growth in the fourth quarter.
Foxconn‘s share price has surged more than 100% in 2024, significantly outperforming the broader market. The company will update its full-year outlook during its earnings call on Thursday, where it is expected to provide additional insights into the continued growth of its AI business.
Advanced Micro Devices (AMD) has announced it will lay off approximately 1,000 employees, or 4% of its global workforce, as part of a strategic focus on the booming AI chip market. The company, which is competing with Nvidia in the rapidly growing sector, plans to prioritise investments in AI graphics processors. AMD’s data centre business has experienced impressive growth, with a significant revenue boost in the September quarter, while other segments, such as gaming, have seen declines.
AMD is preparing for the mass production of its next-generation AI chip, the MI325X, set to launch in the fourth quarter. The company’s research and development efforts have escalated, with rising costs reflecting the high demand for AI chips from major customers like Microsoft. Despite this, AMD’s stock has faced challenges in 2024 after a surge last year, as investor expectations remain high.
The company’s data centre unit is projected to grow significantly in 2024, outperforming total revenue growth. However, rising production costs and an expensive ramp-up in chip manufacturing have impacted its financial performance.
Pony AI, a Chinese self-driving technology firm backed by Toyota, is pursuing a US listing on Nasdaq with a target valuation of up to $4.48 billion. The company plans to offer 15 million American Depositary Shares priced between $11 and $13, aiming to raise as much as $195 million. Additional private placements are expected to generate $153.4 million, with key investors like BAIC committing to $74.9 million.
Founded in 2016, Pony AI operates a fleet of over 250 robotaxis and 190 robot trucks, competing in a market poised for rapid growth but facing significant challenges. The IPO represents a major step after its valuation dropped from $8.5 billion in 2022 due to reduced investor expectations and changing market dynamics. However, this follows an earlier failed attempt at a public offering in 2021 during Beijing’s crackdown on technology companies.
The move reflects a cautious reopening of US markets for Chinese companies, which have been wary since Didi Global’s delisting. Analysts highlight the immense potential of autonomous driving while noting hurdles such as safety concerns, profitability issues, and regulatory challenges. Despite slower adoption in the US, Chinese regulators have embraced trials, offering Pony AI an edge in development.
National security concerns are casting a shadow, with potential bans on vehicles using China-developed systems in the US. Pony AI’s IPO is supported by key financial backers, including Saudi Arabia’s NEOM, Ontario Teachers’ Pension Plan, and HongShan. The shares will trade under the ticker symbol ‘PONY,’ with Goldman Sachs, BofA Securities, and others managing the offering.
The UN Development Programme (UNDP) has partnered with cBrain, a Danish digital solutions provider, to accelerate Africa’s digital transformation. The collaboration focuses on bridging the digital divide, fostering inclusive growth, and strengthening community resilience across the continent. The partnership will target key areas, including the development of digital public infrastructure, the enhancement of e-governance and public service delivery, the expansion of digital financial inclusion for underserved populations, and the integration of digital tools into climate resilience efforts.
A central initiative of this collaboration is the establishment of a Process Library at the UNDP Resilience Hub in Nairobi. The library will focus on developing and scaling best practices in governance, with an emphasis on inclusion, capacity-building, economic development, and resilience. These efforts are aligned with the African Union’s Digital Transformation Strategy and the UN sustainable development goals, reinforcing a shared vision for sustainable progress. By leveraging cBrain’s expertise and Denmark’s proven digitalisation strategies, the partnership aims to empower both governments and citizens while driving innovation, transparency, and equitable access across the continent.
Furthermore, the partnership places a strong emphasis on capacity development, equipping government officials and civil society organisations with the digital skills necessary to manage this transformation effectively. It also underscores the importance of private-sector involvement in Africa’s digital journey, drawing on Britain’s global experience in providing standardised solutions and integrating AI-driven tools. This collaboration serves as a model for international cooperation in digital governance, with a focus on knowledge sharing to disseminate best practices.
By empowering marginalised communities with access to digital and financial services, this initiative aims to unlock economic growth, enhance climate resilience, and pave the way for a more equitable and prosperous future for Africa.
Indian video editing platform InVideo has unveiled a new AI-powered feature that generates videos from text prompts. Branded as InVideo v3.0, the tool allows users to create live-action, animated, or anime-style videos, customised for platforms like YouTube, Instagram Reels, and LinkedIn. While the platform relies on a pipeline of third-party AI models for this feature, users can edit videos dynamically through additional prompts.
The service is launching under a new subscription model called the Generative Plan, which starts at $120 per month for 15 minutes of video generation, with options to purchase more minutes. Despite being a significant upgrade from InVideo’s earlier offerings, early users have reported inconsistencies in style and quality mid-video. The company has committed to improving the tool over time.
With 4M monthly active users and 7M videos generated in the past month, InVideo continues to appeal to individuals and small businesses rather than large production teams. Supported by Tiger Global and Peak XV Partners, the startup has raised $35M to date and is projected to reach $50M in annual revenue this year, according to co-founder and CEO Sanket Shah.
Google has introduced its Gemini app on Apple’s App Store, offering a new voice-based feature named Gemini Live. Designed to enable natural conversations, the tool marks the latest step in the evolution of voice assistants. Apple’s plans to integrate OpenAI’s ChatGPT into Siri highlight growing competition in the field.
Gemini, initially launched as Bard in 2023, is Google’s response to ChatGPT by OpenAI. The app, now enhanced with features like Gemini Live, aims to support diverse tasks such as interview preparation, travel advice, and creative brainstorming. Its rollout follows an announcement in August, with Android users receiving early access.
The app showcases advances in AI-powered voice assistants that surpass previous iterations like Amazon Alexa, Apple’s Siri, and Google Assistant. Google retired its older Assistant, an eight-year-old product, earlier this year after layoffs within its Voice Assistant team. These changes are part of broader efforts to streamline operations.
Google has also restructured its AI efforts, merging the Gemini app team into DeepMind, its research lab. DeepMind focuses on improving AI capabilities while overcoming challenges associated with traditional model expansion. These developments position Google at the forefront of next-generation AI solutions.
Leading AI companies are rethinking their approach to large language models as scaling existing methods faces diminishing returns. OpenAI’s latest model, o1, represents a pivotal shift towards human-like problem-solving techniques.
The traditional focus on larger datasets and increased computing power is being reconsidered. Key figures, including former OpenAI co-founder Ilya Sutskever, highlight the plateauing benefits of scaling and call for more innovative methods. Power shortages, data scarcity, and high costs have also hindered the development of superior models like GPT-4.
New approaches like ‘test-time compute’ are gaining traction, enabling AI systems to evaluate multiple solutions before choosing the most suitable one. This advancement enhances model performance without requiring massive increases in computational resources. OpenAI, Google DeepMind, and others are rapidly adopting these techniques, marking a shift in the competitive AI landscape.
These advancements could significantly alter demand in the hardware market, challenging Nvidia’s dominance in AI chips. As AI evolves, companies are competing not only to improve models but also to redefine the tools and techniques shaping the future of artificial intelligence.
The United Kingdom is sending its first trade delegation focused on AI and semiconductors to Kolkata on 18-19 November 2024. Seventeen leading British organisations specialising in technological innovation will take part in the two-day mission.
A key goal is to explore business opportunities in West Bengal and eastern India, fostering partnerships between British companies and Indian stakeholders. The initiative is aimed at bolstering collaboration in AI and semiconductor research, development, and manufacturing, addressing the growing demand in these sectors.
Andrew Fleming, the British Deputy High Commissioner to East and North-East India, expressed enthusiasm for the initiative, highlighting the potential for new partnerships. He emphasised the strengthening ties between the UK and India in the technology sphere, particularly in East and Northeast India, as key drivers for this mission.
Activities during the visit include roundtable discussions, networking events, and Business-to-Business meetings. Organised by the British Deputy High Commission in Kolkata in partnership with NASSCOM and Asterix Innovations, the engagements aim to identify opportunities for collaboration, innovation, and investment, paving the way for expanded cooperation between the UK and India.
Ethiopia’s National ID Program (NIDP) has partnered with four other government institutions to enhance access to integrated public services as part of the Digital Ethiopia 2025 initiative. The collaboration, formalised through a Memorandum of Understanding (MoU) signed on 12 November, includes the Ethiopian Artificial Intelligence Institute, the Information Network Security Administration, the Addis Ababa Civil Registration and Residency Service Agency, and the Addis Ababa Innovation and Technology Development Bureau.
Digital Ethiopia 2025 aims to transform the nation into a digital society by next year, with the national ID system serving as a crucial component. Engr. Worku Gachena, Director General of the Ethiopian Artificial Intelligence Institute, highlighted that the collaboration will simplify access to government services, particularly through the issuance of residence and national ID cards. Additionally, AI solutions are being explored to ensure efficient, secure, and high-quality service delivery.
Other officials emphasised that the partnership will advance the rollout of legal and digital ID services for Ethiopian citizens and foreign residents. Yodahe Zemichael, Executive Director of NIDP, described the initiative as a key driver of national prosperity and development. Yonas Alemayehu, Director General of the Addis Ababa Civil Registration and Residency Service Agency, pointed out that digital ID plays a foundational role in the ongoing smart city project, with efforts ramping up for digital ID enrolment across Addis Ababa.
The Fayda digital ID system is increasingly being integrated into various government operations, including public procurement. Looking ahead, Ethiopia plans to launch a new digital government program extending to 2030, with Fayda ID as a central element.
Federal Trade Commissioner Melissa Holyoak has called for closer scrutiny of how AI products handle data from younger users, raising concerns about privacy and safety. Speaking at an American Bar Association meeting in Washington, Holyoak questioned what happens to information collected from children using AI tools, comparing their interactions to asking advice from a toy like a Magic 8 Ball.
The FTC, which enforces the Children’s Online Privacy Protection Act, has previously sued platforms like TikTok over alleged violations. Holyoak suggested the agency should evaluate its authority to investigate AI privacy practices as the sector evolves. Her remarks come as the FTC faces a leadership change with President-elect Donald Trump set to appoint a successor to Lina Khan, known for her aggressive stance against corporate consolidation.
Holyoak, considered a potential acting chair, emphasised that the FTC should avoid a rigid approach to mergers and acquisitions, while also predicting challenges to the agency’s worker noncompete ban. She noted that a Supreme Court decision on the matter could provide valuable clarity.
